National Commodity & Derivatives Exchange Launches Mild Steel Ingot And Chilli Futures Contracts On 11th March, 2005.

NCDEX makes its mark once again with the simultaneous launch of two new products at two different locations in India.

The Exchange launched Mild Steel Ingot Futures Contracts in New Delhi on March 11, 2005. The inauguration was done by Shri V.S. Jain, Chairman, Steel Authority of India Limited at the Ispat Bhavan.

At the launch, Mr. P H Ravikumar, MD & CEO, NCDEX, said, “This launch is just the first step of NCDEX in the Metal futures market. India, with its total steel production of 36 Million Tons in 2003, is the eighth largest producer of steel in the world. The production of MS Ingots is estimated to be 5 Million tons in the year 2003. With such huge potentials in the physical market itself, the futures market is expected to add much more value to it, especially because presently effective hedging options are not available. We expect the markets to make optimum use of this opportunity on NCDEX platform.”

NCDEX also launched Chilli Futures Contract from Friday, March 11, 2005, in Guntur, Andhra Pradesh.

With the latest two additions to its folds, NCDEX takes its bouquet of offers to 31 products.